Employee wellness platform, Nova Benefits, has received an undisclosed amount from Indian-American entrepreneur and investor Naval Ravikant-backed AngelList Early-Stage Quant Fund.

With the funding round, the Bengaluru-based company becomes the first investment of AngelList Early-Stage Quant Fund in India. 

Nova Benefits plans to use part of the funds to set up an Analytics Division to track hiring and employee wellness trends, leveraging data access provided by AngelList Quant Fund. 

Investors shortlisted Nova Benefits based on data reflecting the company’s high hiring velocity. In September 2021, the company raised $10 million in its Series A funding round.

The AngelList Quant Fund is a data-based algorithmic fund recently launched by the AngelList platform, which connects early-stage startups to investors and potential talent. Quant Fund uses data collected from the platform to help investors in selecting early-stage startups worthy of funding based on quantitative factors. The fund counts AngelList founder Naval Ravikant as a Limited Partner (LP).

The primary factors for startups to get chosen for funding on the AngelList platform is the volume of early-stage investment and hiring stats. Investors also look at indicators like the background of applicants and number of applicants when making this assessment.

Speaking on AngelList Quant Fund’s first investment in India, Abraham Othman, PhD, who heads the Quant Fund's investment committee, said, “The Quant Fund is thrilled to be an investor in Nova Benefits. We believe that exceptional outcomes require exceptional people, and the volume and quality of Nova's job applicants ranks among the very top of startups globally, not just in India.”

“Our mission at Nova is to build happier and healthier workplaces. This round of funding will help us expand our wellness offerings on the platform in terms of product management, engineering, sales and customer success teams. We believe the Quant Fund has added significant value to our company by providing us with a platform to connect with investors and a skilled talent pool, which will help expand our business in the coming years. At Nova, our goal is to cover 10 million people in India by 2025,” said Saransh Garg, CEO and co-founder of Nova Benefits.